By clicking “Allow all cookies”, you agree to the storing of cookies on your device to enhance site navigation, and increase your user experience. Essential Cookies cannot be disabled, however you can opt-out of your data being stored. Click here to read our Cookie policy.

News

The Money Statistics November 2014

270 is the number of insolvencies every day

0.7% is the estimated growth of the UK economy in Q3 2014

£1,185 is the average amount paid in interest on debt per person annually

1,033 is the number of people who became redundant every day between June and August

£90m is the daily increase in net lending to individuals

£2,214 is the average household credit card debt

1,474 is the drop in unemployed people per day

£210,000 is the average house price paid by first-time buyers

£17.8bn was the value of gross mortgage lending in September 2014

UK Personal Debt

People in the UK owed £1.459 trillionat the end of September 2014. This is up from £1.430 trillion at the end of September 2013 – an extra £572 per UK adult.

The average total debt per household – including mortgages – was £55,223in September. The revised figure for August was £55,083.

Per adult in the UK that’s an average debt of £28,884in September – around 116% of average earnings. This is up from a revised £28,810 in August.

Based on September 2014 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £59.8 billion. That’s an average of £164 millionper day. This means that households in the UK would have paid an average of £2,265in annual interest repayments. Per person that’s £1,185 – 4.74%of average earnings.

Outstanding consumer credit lending was £165.1 billion at the end of September 2014. This is up from £158.6 billion at the end of September 2013, and is an increase of £128.79 for every adult in the UK.

Per household, that’s an average consumer credit debt of £6,251in September, up from a revised £6,163 in August.

It also means the average consumer credit borrowing was £3,270per UK adult in September. This is up from a revised £3,223in August.

Total credit card debt in September 2014 was £58.5bn. Per household this is £2,214 – for a credit card bearing the average interest, it would cost £56 a month to clear the debt in five years or £38 a month to clear it in ten years.

Outstanding mortgage lending stood at £1.294 trillion at the end of September. This is up from £1.271 trillion at the end of September 2013.

That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £116,035 in September.

The average Mortgage Interest rate was 3.2% at the end of September. Based on this, households with mortgages would pay an average of £3,713 in mortgage interest over the year.

For new loans, the average Mortgage Interest rate was 3.22%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,902in interest over the year.

Everyday in the UK

The population of the UK grew by an estimated 1,223 people a day between 2003 and 2013.

It costs an average of £29.65per day to raise a child from birth to the age of 21.

On average, a UK household spends £3.00 a day on water, electricity and gas.

270people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 20 seconds.

32.5 millionplastic card purchase transactions were made every day in August 2014, with a total value of £1.525 billion.

8.79mcash machine transactions were made every day in September with a value of £364m.

1,893Consumer County Court Judgements (CCJs) are issued every day, with an average value of £2,278.

Citizens Advice Bureaux in England and Wales dealt with 6,405new debt problems every working day during the year ending June 2014.

71properties are repossessed every day, or one every 20 min 15 seconds.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 64a day.

The number of people unemployed for over 12 months fell by 532 per day.

1,033people a day reported they had become redundant between June and August.

Government borrowed £394 milliona day during September 2014 (£4,564 per second).

Net lending to individuals in the UK increased by £90ma day.

Borrowers would repay £164ma day in interest over a year, based on September 2014 trends.

118mortgage possession claims and 87 mortgage possession orders are made every day.

423landlord possession claims and 353 landlord possession orders are made every day.